Bitcoin Ordinals NFT Trading Volume Tanks 98%
DappRadar reports a 98% drop in Bitcoin Ordinals nonfungible token user activity since May, with trading volumes dropping by 98%. The total sales volume decreased from $452 million in May to $3 million as of August 14, and the number of transactions declined by 97% to 20,571.
DappRadar criticized the Ordinals market for its grim situation, stating that more time is needed to determine if it is a temporary setback or a systemic problem. The steep decline in sales volume and count within a short period is alarming, as it suggests waning enthusiasm or confidence in Bitcoin NFTs. The consistent decline in transaction count may indicate broader issues, as fewer traders are engaging with Bitcoin Ordinals, raising concerns about its longevity and relevance in the NFT space.
Bitcoin Ordinals experienced a surge in trading volumes and user activity in Q2, but its sustainability is impacted by a divided Bitcoin community’s outlook on NFTs. CryptoSlam data shows the Bitcoin network ranks seventh in NFT sales volume, with $14.6 million generated from 21,989 buyers in the past 30 days.
(With inputs from Shikha Singh)
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